WASHINGTON, D.C. – U.S. Senator Jack Reed’s office today announced that the Ocean State will receive $19.6 million in federal grants intended to prevent vacant properties from becoming blighted and lowering neighborhood home values.

The grant will be used to acquire and redevelop foreclosed homes.

“Vacant, foreclosed homes can invite crime and drag down neighboring property values,” Reed said in a statement. “This federal aid will help protect homeowners and neighborhoods by allowing local communities to purchase and rehabilitate foreclosed homes and abandoned properties across the state.”

The Senate Banking Committee, of which Reed is a senior member, drafted the legislation for the awards. “This is a smart investment in strengthening our communities,” he said, “putting more people to work in construction jobs and bolstering the local economy.”

The announcement comes the day after the release of HousingWorks R.I.’s 2008 Fact Book, which reports that about 2,500 Rhode Island homes received foreclosure notices during the first seven months of the year.

The grant is part of the U.S. Department of Housing and Urban Development’s Neighborhood Stabilization Program, created under the Housing and Economic Recovery Act of 2008. It is a $3.92 billion program.

For additional information about U.S. Senator Jack Reed, visit www.reed.senate.gov.